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If you see a lender first, preparing for loan processing is easy.
Your loan officer will tell you what to bring and guide you through
the process.
He or she has a broad understanding of each mortgage lending function
and is there to answer your questions. Your loan officer will ensure
that your loan moves through the mortgage company departments as
quickly as possible.
How the Process Works
Knowing what happens in each stage of the process, will help prepare
you to go through it. Click the links below to see what happens
before, during and after processing.
- Origination
- Processing
- Underwriting
Documents You Provide
Along with your application, the lender may ask for:
- A check — to cover legitimate
expenses such as your credit report and an appraisal on the house
you selected.
- Pay stubs — to verify your current
salary.
- Bank statements — to verify
that you have the money needed for a down payment and closing
costs on your loan. These statements also show how you manage
your account (such as not writing checks without sufficient funds).
- Work history — to verify that
you have a consistent work history.
Note: Your work experience should be in similar or related fields
in order to show stability. Proof of work history can be a W-2
statement.
- Tax returns — to verify your
income. You will need to provide:
- Tax return for the last (2) two years, or
- If you are self-employed, tax returns for the last three (3)
years and a business financial report.
- List of debts (including statements) —
to verify the amount you owe, the minimum payments required each month and the
dates these loans will be paid in full (maturity date).
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Your lender may ask you to provide these documents for each person
whose name will be on the loan.
Next you'll learn about the documents you will receive during loan
processing.
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